Considering that a series of complex issues such as environmental problems, sustainable development, animal welfare, and human health are on a global scale, the development of vegetable protein‐based meat substitutes provides a potential solution to the disparity between meat consumption demand and supply. The research and development of vegetable protein‐based meat substitutes have become a major commercial activity, and the market is expanding to meet the growing consumer demand. Soy protein isolates (SPI) are often used as a raw material for vegetable meat substitutes because of their potential to form fiber structures. Although significant initial success has been achieved, it is still a challenge to explain how the composition and aggregation of SPI influence gel properties and the mechanism(s) involved. This article reviews the latest research about SPI. The relationship between the composition, aggregation, and gelation properties of SPI is based on a through literature search. It focused on the application of SPI in heat‐ and cold‐induced gels, given the diversified market demands. The research on cold gel has helped expand the market. The methods to improve the properties of SPI gels, including physical, chemical, and biological properties, are reviewed to provide insights on its role in the properties of SPI gels. To achieve environmentally friendly and efficient ways for the food industry to use SPI gel properties, the research prospects and development trends of the gel properties of SPI are summarized. New developments and practical applications in the production technology, such as for ultrasound, microwave and high pressure, are reviewed. The potential and challenges for practical applications of cold plasma technology for SPI gel properties are also discussed. There is a need to transfer the laboratory technology to actual food production efficiently and safely.